In a significant move to strengthen Nigeria’s fintech ecosystem, President Bola Ahmed Tinubu hosted key executives from Flutterwave and Alami Capital in Abuja on Saturday. The high-level engagement underscored the administration’s commitment to fostering a business-friendly environment for financial technology companies and positioning Nigeria as a global fintech hub.

Leading the delegation was the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, accompanied by Dr. Inuwa Kashifu Abdullahi, Director General/Chief Executive Officer of the National Information Technology Development Agency (NITDA Nigeria), and Dr. Armstrong Takang, Managing Director/Chief Executive Officer of the Ministry of Finance Incorporated (MOFI).

Representing Flutterwave at the meeting were Olugbenga Agboola, CEO; Adeleke Adekoya, Co-founder; Oluwabankole Falade; and Mitesh Popat. Alami Capital was represented by its CEO, Ms. Oluseun Olufemi-White.

A Milestone Moment for Flutterwave and Nigeria’s Fintech Ecosystem

The meeting comes at a pivotal time for Flutterwave, currently valued at $3 billion, as it advances plans for an Initial Public Offering (IPO) on the Nigerian Exchange Group (NGX). The move is expected to boost investor confidence in the Nigerian capital market and open new opportunities for fintech expansion across Africa.

MOFI’s Role in Strengthening Fintech Partnership

The Ministry of Finance Incorporated (MOFI), under the leadership of Dr. Armstrong Takang as Managing Director/Chief Executive, is playing a crucial role in this transformation. As part of its strategy, MOFI is strengthening partnerships between fintech firms and its IT and shared services portfolio company, Galaxy Backbone. This initiative seeks to facilitate digital integration, drive technological adoption, and provide key infrastructure support for fintech growth.

Speaking during the engagement, a MOFI representative emphasized the importance of sovereign investments in homegrown fintech innovations. “A strategic investment in Nigerian fintech is not just an endorsement of its potential but a catalyst for exponential growth. Nigeria must demonstrate its economic strength by championing and distributing homegrown technological solutions across the African continent.”

The Future of Nigeria’s Fintech Landscape

Flutterwave’s impending public listing represents a landmark moment for Nigeria’s financial sector, offering increased transparency, liquidity, and a pathway for more fintech companies to follow suit. This development is expected to encourage further investments, job creation, and technological advancement in the country.

With the federal government’s renewed commitment to fostering fintech innovation, industry stakeholders anticipate increased collaborations between the private sector and regulatory authorities to ensure Nigeria remains a competitive leader in Africa’s digital economy.

As Nigeria continues to harness the power of fintech, the engagement between President Tinubu and key industry players marks a crucial step toward achieving sustainable economic growth, technological advancement, and financial inclusion across the nation and beyond.